BusinessBear Trading Continues As Equities Down By N83bn

Bear Trading Continues As Equities Down By N83bn

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The Nigerian equities market yesterday dipped by N83 bill 0.38 per cent as bears maintained grip extending previous bearish outing into the first trading session of the week amidst sell-off pressures.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Lafarge Africa, Vitafoam Nigeria, Unilever Nigeria, Dangote Sugar Refinery and United Bank for Africa (UBA).

Analysts at United Capital Plc said: “this week, we expect the equities market to remain sideways, with a bearish bias, as we do not expect any major catalyst to change the direction of the market. That said, we think sustained selloffs in the equities market could present buy opportunities for investors.”

As measured by market breadth, market sentiment was negative as 24 stocks lost relative to 10 gainers. Royal Exchange recorded the highest price gain of 9.43 per cent to close at 58 kobo, per share. UACN Property Development Company (UPDC), Consolidated Hallmark Insurance and Meyer Plc followed with a gain of 9.09 per cent each to close at N1.08, 48 kobo and 24 kobo respectively, while Champion Breweries up by 7.92 per cent to close at N2.59, per share.

On the other hand, Lafarge Africa led the losers’ chart by 9.94 per cent to close at N22.20, per share. Linkage Assurance followed with a decline of 8.93 per cent to close at 51 kobo, while Associated Bus Company lost 8.82 per cent to close at 31 kobo, per share.

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